Spearhead Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/005827/06)
("the company")
Share code: SPE ISIN:ZAE000019162
TRADING UPDATE
Spearhead"s interim results for the six months ended 31 December 2002, published
on 13 February 2003, informed shareholders that the company had entered into
various interest rate swap contracts. The favourable effects of these contracts,
together with solid growth in the Western Cape property market, has resulted in
Spearhead achieving real growth in earnings in the second half of this financial
year. Based on earnings achieved to date, Spearhead expects to report
significantly higher earnings for the year ending 30 June 2003.
Cape Town
25 June 2003
Sponsor
Bridge Capital Services (Pty) Limited
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